Drills typically include a chuck that releasably holds a bit such as a drill bit, screwdriver bit, socket or other tool. The bits are often sold in sets where selected bits are inserted into and removed from the chuck as required by the user. The bits may be retained in the sets in holders that releasably hold the bits when not in use. In the known holders the bits are either too difficult to properly insert into the holder or the holder does not securely retain the bit. The holders also do not efficiently utilize space.